We asked Norwich student, Lara Bentley, for her take on this year’s Autumn Budget and her thoughts on how it will impact young people. Here’s what she had to say.
What do I, a 20-year-old student, gain from Labour’s autumnal Budget?
The first female Chancellor, Rachel Reeves, has made her decision so I’ve looked into what I believe is going to impact young people.
Firstly, I can say I’m happy with the Chancellor raising the minimum wage.
She has confirmed a 6.7pc increase, so workers earning the lowest rate will be paid £12.21p an hour from April next year. The pay for people aged 18-20 will be £10, this is an increase of £1.40.
Not only am I pleased with the rise, but we are 63p closer to the same wage as someone older. But some people are concerned that employers will hire less people, and that there is the potential that expenses for everything else will go up.
That won’t be the case for pints at the pub however, but my hopes aren’t too high as just 1p will be taken off the tax price of draught pints. I mean I’ll take it, but ideally I’d have liked it to have been a pound.
Those who make use of the pub's smoking area though are less fortunate. The tax rate on hand-rolling tobacco is going up by a mighty 10pc in two years’ time. Vapers - don’t count yourself lucky - as alongside this, a new tax has been imposed of £2.20p per 10ml vaping liquid.
The thought of buying my first home has been an increasing worry for me, as I wonder if it will ever be possible, but the chancellor has changed the stamp duty from 3pc to 5pc for people with second homes - starting from today.
This means that first time buyers will have less or no stamp duty to pay.
READ MORE: "Out of touch" MP claims Labour's tax overhaul won't hit "proper farming families"
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In conclusion, I think it is certainly a good thing for young people that the minimum wage has gone up.
Your early twenties are a difficult time in life when you’re trying to build experience, study and survive on what you can afford.
But we will have to wait until April to experience the benefit of this. Only time will tell us if prices on everything else will rise.
Despite this, the rise in minimum wage is the only thing really worth young people getting excited for - unless you collect pennies or are ready to buy your first home.
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